In the last few years, the world economy has experienced many great and unpredictable changes. Financial crises, economic crises, etc. have occurred frequently, lasted, and spread to all economies in the world. It is the main cause for almost every dissolution or bankruptcy of the world’s leading corporations, companies, and banks.
Currently, operating businesses are also in the recovery and development phase, building a reasonable marketing strategy is an extremely important task for each business to gradually recover from the crisis. Building marketing at this time is very necessary, but how a reasonable and appropriate strategy is with the current general economic conditions depends on the operational situation as well as the financial situation of each business. The marketing strategy at this time will help businesses overcome the current crisis, gradually recover, and develop in the future. So, in this article, let’s learn step by step how to develop an effective marketing strategy framework.
What is a marketing strategy?
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others. others.
Marketing strategy is a logical and reasonable system of arguments as a basis for directing an enterprise to organize and calculate how to solve its marketing tasks. It includes basic and specific strategies for the target market and the cost of marketing.
– Marketing strategy focuses on solving two problems:
+ Select target market
+ Propose marketing policies appropriate to that target market.
Marketing strategy is the target system for the market
Importance of Marketing Strategy
To survive and develop, every business needs to set a goal and strive to achieve that goal. Planning a strategy for all activities will help businesses see more clearly the goals they need to aim for and direct the coordination of activities between departments to achieve high efficiency.
Marketing strategy is a very important activity in business activities of enterprises, marketing strategies help businesses find useful information about the market, have conditions to expand the market, and increase business scale. business. Marketing tools help businesses dominate the market, increase market share, accelerate product consumption by improving competitiveness and satisfying customer needs.
The process of building a suitable marketing strategy for your business
Step 1: Determine the goal of building a Marketing strategy
Marketing objectives are often oriented from the objectives of the organizational strategic plan. Marketing objectives are often viewed as performance standards or tasks to be achieved by a certain time. Common marketing goals are:
– Profit represents the % of sales or an absolute amount that the business will achieve after a period of marketing.
– Sales volume, expressed in terms of market share the business intends to achieve or absolute sales
– Number of commercial intermediaries involved in consuming the enterprise’s products
– Awareness of consumers and image of products and businesses in the market.
Step 2: Analyze the market situation
Information search: Businesses can find useful information to perform a market analysis from various sources.
Market segmentation: In market segmentation, businesses need to divide their target market into different segments. Dividing the target market into different segments helps businesses identify more specifically the needs of consumers.
– Predict the size and growth prospects of the market: Enterprises need to measure and quantify their market to have appropriate business and production plans.
– Identify market trends: Businesses need to know what is going on in their market and affecting market segments.
Analyze the market to see the impact of the Marketing strategy
Step 3: Identify the target market
By identifying the target market, businesses can develop their production and business.
Determining the target market means that the enterprise gradually narrows down the objects that its business activities are aimed at, from which it will be easier for the enterprise to deliver the appropriate message to the market.
Step 4: Marketing strategies are applied:
Strategy 1: Increase the number of customers
Increasing the number of clients is the first step for most managers to grow their business. Businesses can offer many incentive programs, offer discount codes, coupons for products to attract customers. If done right, a basic marketing strategy will effectively attract potential customers who are ready and able to buy your products.
Strategy 2: Increase the average number of transactions
In addition to finding more than the minimum number of customers, businesses need to pay attention to the average number of transactions per customer.
Strategy 3: Increase the number of frequent purchases by patrons
When setting up a business, many businesses do not focus on taking care of patrons. Without marketing strategies to regularly create new products, incentives, discounts, promotions, coupon codes, new services to meet the needs of regular customers, the number of purchases there will not increase
Step 5: Implementation plan
– Develop an action program
– Build an effective organizational structure
– Anticipate bonus decisions and conditions
– Resource training
Implement strategic marketing plan into action
Step 6: Monitoring and Adjustment Plan
– Follow up the annual plan
+ Sales analysis
+ Market share analysis
+ Analysis of cost of sales
+ Analyze customer attitudes
– Check profitability
– Monitor the progress of strategy implementation
Conclusion
So, above are some basic marketing strategies that every business needs to understand to be able to plan their marketing activities in the right direction. In addition, businesses also need to have measures to manage their business activities in the most effective way possible.
